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مـؤتـمـر الألـومـنيوم العربـي الـدولـــي 20 – 22 نوفمبر 2012 الدوحة | قطر

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مـؤتـمـر الألـومـنيوم العربـي الـدولـــي 20 – 22 نوفمبر 2012 الدوحة | قطر. ARAB INTERNATIONAL ALUMINIUM CONFERENCE 20 – 22 November 2012 Doha | Qatar. Tuesday, 20 th November 2012 Workshop: London Metal Exchange “LME” Mr. Martin Abbott CEO, LME 10:00 – 12:00. ARABAL QATAR 2012.

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20 22 2012

مـؤتـمـر الألـومـنيوم العربـي الـدولـــي20 – 22 نوفمبر 2012الدوحة | قطر


20 – 22 November 2012

Doha | Qatar


Tuesday, 20th November 2012


London Metal Exchange “LME”

Mr. Martin Abbott


10:00 – 12:00

arabal qatar 2012

Martin Abbott

Chief Executive

20 November 2012, London

the history purpose and workings of the london metal exchange
The history, purpose and workings of the London Metal Exchange

You will learn about

  • History and background
  • Pricing
  • Market Terminology
  • Warehousing and delivery
  • Trading at the LME
  • The Ring
  • The role of the LME broker/dealer
  • Clearing
  • Regulation
  • LME Data and other services
introduction to the lme
Introduction to the LME

The training takes from 9.00am to 5.00pm, including a visit to the viewing gallery to watch the final trading session. You are most welcome to ask questions throughout the day. And if you have any follow up queries or problems after the course or issues to clarify - you can email us direct at [email protected]

The LME has a team of trainers who can come to you and talk about how hedging works, business development and any associated topics relevant for your area of business.

the london metal exchange
The London Metal Exchange

Established in response to

Industrial revolution

  • high metal consumption and so imports from abroad

Risk of price falls during long shipping voyages

Need to formalise trading into one marketplace:

  • fixed trading times
  • standard contract specifications
  • source of price ‘discovery’
primary services of the lme
Primary services of the LME


Terminal Market



Primary Role of LME

Price Convergence

different pricing methods
Different pricing methods

Producer pricing

Survey pricing

LME pricing

producer pricing
Producer pricing

Prices established by producers either yearly, half yearly or quarterly

  • Advantages
    • Reflects an understanding of consumers
    • Traditional method
  • Disadvantages
    • Price increases due to rising raw material prices
    • Not transparent
    • Lack of flexibility
survey pricing
Survey pricing

Prices are generally recorded and disseminated when both buyers and sellers confirm a transaction behind a price to an industry publication e.g. Metal Bulletin, Steel Business Briefing

  • Traditional and industry recognised
  • Global and regional representation
  • Comfort level - third party discovery
  • Wide range of prices and grades
  • Historic, averages
  • Quotes may not be competitive
  • Lack of transparency
    • Methodology
    • Prices and tonnages
lme pricing
LME pricing

LME Prices have to reflect the material activities of the market

  • Unique price set by demand and supply
  • Transparent
  • Traded and tradable real time prices
  • Heavily regulated market
  • More accurate hedging
what does the lme price represent
What does the LME price represent?

The LME price represents material:

  • Of an LME registered brand
  • Stored in an LME approved warehouse
  • Duty unpaid
  • Buyer to pay for delivery out of warehouse
the metals value chain
The metals value chain

How to use an LME price

LME price plus production costs and profit margin

LME price minus discount

LME price minus discount

LME price

Semi Fabricated Products




Metal Products



Low Metal Content





how to use an lme price
How to use an LME price

The price for normal physical sales, if using LME pricing as a basis, will be the LME price adjusted for:

  • Grade differential versus LME grade
  • Differential for favoured brand
  • Differential for favoured location versus the LME approved delivery point
  • Packaging differential
  • Delivery differential to consumer works
  • Timing differences
  • Volume or other discounts / premiums etc
in most of these examples we will be isolating the commodity cost from other costs
In most of these examples, we will be isolating the commodity cost from other costs

Profit margin


Production costs

Raw materials cost

– the commodity

Other hedgeable costs

i.e. energy, fx, freights,…




what is hedging
What is hedging?


Establishing a position in a commodity futures market (LME) which is equal and opposite to a risk on a physical market.

  • Protects against adverse price movements
  • Locks in an agreed profit margin
  • Protects inventory value
hedging is addressing risk positions
Hedging is addressing risk positions
  • A Risk position is one that has an uncertain outcome, a position which may make or lose money depending on market movements
  • It is a purchase not yet matched with a sale or a sale not yet matched with a purchase
  • A LONG position will make a profit if the price goes up; a loss if the price goes down
  • A SHORT position will make a profit if the price goes down; a loss if the price goes up
  • If you are SQUARE, you will not be affected by market movements but you may still have basis risk
hedger vs speculator
Hedger vs. speculator
  • A Hedger starts with a price exposure, buys or sells futures contracts, and therefore offsets the price exposure.
  • A Speculator starts without price exposure, buys or sells futures contracts, and takes on price exposure
two distinct markets
Two distinct markets

Futures market

  • Material at semi-converted stage
  • Market participants
    • Members
    • Investment funds
    • Traders
    • Producers/smelters
    • Converters/fabricators
    • Merchants/distributors
    • End Users
  • Physical market
  • Material at any stage of production
  • Market participants
    • Traders
    • Producers / smelters
    • Converters / fabricators
    • Merchants / distributors
    • End Users
  • Who are the speculators?
    • Technical funds/Algos/HFTs: momentum strategies
    • Hedge funds: exploit price anomalies
    • Passive investors: buy and hold
    • Market-makers: buy low, sell high
    • FCMs (Futures commission merchant)
    • CTAs (Commodity Trade Advisers)
    • CPOs (Commodity Pool Operators)
  • Most investors pursue strategies that have a neutral or counter-cyclical impact on prices i.e. they buy when they perceive the price to be lower than fair value and sell when it is above fair value.
rolling prompt dates
Rolling prompt dates
  • Cash – Two business days from today
  • Tom – Tomorrow’s date
  • 3 months – 3 calendar months from today
lme aluminium alloy and lme nasaac futures and options contracts
LME Aluminium Alloy and LME NASAACFutures and options contracts

20 tonnes

Settlement up to 27 months

Industry usage:

The main consumers, auto manufacturers, use different grades of alloy in different regions of the world. While the LME contract was being traded for customers in Europe and the Far East it was evident that it was not gaining acceptance in North America.  For this reason, the LME entered talks with secondary smelters, scrap dealers, consumers, traders and merchants in the US to develop the LME\'s first ever regional contract.

lme aluminium futures and options contracts
LME AluminiumFutures and options contracts

25 tonnes

Settlement up to123 months, options up to 63 months

Industry usage:

It is extremely light, pliable, has high conductivity and is resistant to rust. Little wonder then that it has become the most extensively used metal and more recently the largest contract traded on the LME.

lme traded and cleared currencies
LME traded and cleared currencies

LME contracts trade in US Dollars

LME contracts can also be cleared in the following currencies:


GB Sterling

Japanese Yen

lme published prices
LME published prices

Pricing basis –in warehouse, duty unpaid

  • Asian Benchmark
    • published 07.30 GMT (08.30 BST)
  • Official Prices
    • prices from the 2nd Ring Close
    • Cash, 3M, Dec 2013, Dec 2014, Dec 2015
  • Settlement Price
    • Official “Cash” sellers price
  • Closing Prices
    • referred to as “evening evaluations” established at 5pm
    • used by LCH for daily margining purposes
    • used by members for risk management

LME Instruments

  • Futures
  • Options
  • Warrants
  • LMEswaps
what is a futures contract
What is a futures contract?

A future is an agreement to buy or sell a

standard quantity of a specified asset (material)

on a fixed date at a

standard quantity

specified asset (material)

price agreed today

lme traded options contracts
LME traded options contracts

“The purchase of an option gives the buyer (of the option)

the right but not the obligation to buy or sell

an underlying futures contract for a fixed delivery date

at a fixed price”

lme traded options contracts1
LME traded options contracts

A call option

The right to buy

A put option

The right to sell

lme terminology
LME terminology
  • Positions:
    • net total of open futures contracts a party has against a particular prompt date
  • Short
    • sell futures
  • Long
    • buy futures
  • Prompt date
    • settlement date of a futures contract
settlement of lme contracts
Settlement of LME contracts

Settlement on prompt date by:

  • Financial settlement of futures contract
    • Buy / sell an equal and opposite position

and / or

  • Delivery
    • Using LME Warrants, the method by which LME contracts are delivered
when to close an lme position
When to close an LME position
  • Usually two days before prompt (Cash) Usually no later than…
  • TOM
      • Must be executed before 12.30pm (client contracts)
      • Usually prompt adjusted to cash
      • Adjustment trade called ‘tomorrow next day’ (Tom Next)
forward prices
Forward prices
  • Forward prices the prices being quoted for delivery dates beyond the cash prices
  • Contangonearby price of material is lower than the forward price
  • Backwardationnearby price of material is higher than the forward price
  • “The Spread”

the Cash to 3 months forward curve difference

  • Carry

difference between 2 forward prices

forward price contango
Forward price - Contango






Quoted price for forward dates

t 1 2 3

Forward dates

forward price contango1
Forward price - Contango

LME Aluminium: 3 Sept 2012

the maximum contango lme aluminium
The maximum contango LME Aluminium

Cash to 3 months

Cash price $1820.00

Cost to finance + $ 23.50

Warehouse rent + $ 34.20

Insurance + $ 3.00

3 month price $1880.70

  • What would traders do if the cash price was $1820 and the 3 months price was $1885?
the maximum contango
The maximum contango

Cash to 3 months

Cash price $2500.00

Cost to finance + $ 31.25

Warehouse rent + $ 34.20

Insurance + $ 3.00

3 month price $2568.45

forward price backwardation
Forward price - Backwardation






Quoted price for forward dates

t 1 2 3

Forward dates

forward price backwardation1
Forward price - Backwardation

LME Cobalt: 4 Jan 2012

There is no theoretical maximum backwardation

moving positions why
Moving positions – why?

You are a copper mine and you have sold futures prompt 1st July. Why might you want to move that position to a later date? Or an earlier date?

You are a speculator who has bought futures. Why might you want to roll the position forward?

You are a car manufacturer and have bought futures prompt October. Why might you want to change that date?

A Carry is the simultaneous purchase (sale) and sale (purchase) of the same quantity of same metal for different Prompt dates









  • Short position
  • Selling on LME
  • Want to delay prompt date
  • Borrow (buy then sell)








  • Long position
  • Buying on LME
  • Advance LONG position forward
  • Lend (sell then buy back)






lme delivery why
LME delivery: why?

Helps price




Price convergence

instills credibility in

the LME price

Why the need

for delivery

Serves industry in times

of over/under supply

LME delivery is not

designed to replace

current supply mechanism

but to support it

lme role in storage
LME role in storage

LME does NOT

buy or sell

physical material

LME does NOT

own storage facilities


locations and

storage facilities

LME does NOT

own transportation


LME does NOT

set rates for rents

and handling

lme warehouse locations circa 1960 lme price was a uk delivery price
LME warehouse locations circa 1960LME price was a UK delivery price



warehouse locations over 700 storage facilities listed by the lme
Warehouse locationsOver 700 storage facilities listed by the LME

1. Antwerp, Belgium 10. Barcelona, Spain

2. Bremen, Germany 11. Bilbao, Spain

3. Hamburg, Germany 12. Helsingborg, Sweden

4. Genoa, Italy 13. Hull, UK

5. Leghorn, Italy 14. Liverpool, UK

6. Ravenna, Italy 15. Tyne & Wear, UK

7. Trieste, Italy

8. Rotterdam, Netherlands

9. Vlissingen, Netherlands

1. Busan, South Korea

2. Gwangyang, South Korea

3. Incheon, South Korea

1. Nagoya, Japan

2. Yokohama, Japan

1. Baltimore, Maryland

2. Chicago, Illinois

3. Detroit, Michigan

4. Long Beach, California

5. Los Angeles, California

6. Louisville, Kentucky

7. Mobile, Alabama

8. New Orleans, Louisiana

9. Owensboro, Kentucky

10. St. Louis, Missouri

11. Toledo, Ohio

  • Dubai, UAE
  • Kocaeli, Turkey
  • Tekirdhag, Turkey

1. Johor, Malaysia

2. Singapore

3. Port Klang, Malaysia

lme location approval process
LME Location Approval Process

Net consumption area

or gateway

Safe and

well managed



Logistically sound

conduit for the passage

of material



fiscally stable

warehouse companies approval
Warehouse Companies Approval

Warehouse company:

well established and

experienced in handling

relevant material


size, quality, capacity and

operation of the building

must be suitable




weighing, strapping,

cranes and forklifts

regularly inspected

Good access to road, rail

and water where required

lme delivery and lmesword
LME Delivery and LMEsword

Delivery of LME futures contracts is satisfied by delivery of LME warrants

  • LME warrants are bearer documents of possession relating to one specified lot of material in warehouse
  • Delivery is made through the transfer of warrants from seller to buyer
  • LME warrants transferred through electronic transfer system – LMEsword
  • Secondary market in LME warrants
    • location & brand premiums

LMEsword and warranting process

LME listed brand

  • The LME lists brands for the following products: Al, Cu, Pb, NASAAC, Ni, Sn, Zn, Steel, Cobalt and Moly.
  • The material produced is delivered for storage at the LME listed facility. An inspection of the metal is carried out in compliance with the warehouse agreement.
  • Instructions to issue the LME warrant is sent from the customer to the warehouse company. The warehouse company instructs the London agent to issue the LME warrant via LMEsword.
  • LME warrant is issued by London agent and delivered to the LME member firm (can be delivered direct to the owner).
  • The LME warrant is checked by the LME member firm and either delivered to the depository or retained by the owner.
  • LME warrants in the depository are scanned into LMEsword participant accounts, allowing brokers to receive, sort and deliver warrants electronically.
  • LME warrant can be held for financing or delivered to the exchange against ‘short’ futures positions via sword to LCH.Clearnet and then randomly redistributed to the ‘long’ futures positions.

Material arrives at the LME listed storage facility and is checked for conformity

Instructions to issue LME warrant

LME warrant issued

LME warrant checked

Delivered to depository

Lodged in sword member account

lme trading venues
LME trading venues
  • The ring Floor Trading

(11.40 – 17.00)

  • Inter-office Telephone Trading

(24 hours)

  • Electronic Screen Trading (Select)

(01.00 – 19.00)

the ring 5 minutes per metal
The Ring (5 minutes per metal)
  • First session
  • First ring
  • Second ring
    • Official prices
  • Kerb(all metals)
  • Second session
  • Third ring
  • Fourth ring
  • Kerb(metals phased out)
    • Closing prices
the ring
The ring


  • The only individual from the team who can transact within the Ring
  • This individual will be seated on the red seats in the Ring
the ring1
The ring


  • Usually two individuals per team who provide communication in and out of the Ring.
  • One will be using hand signals to indicate what price is currently trading, while the other will be recording transactions.
the ring2
The ring

Telephone clerks

A number of team members

who utilise telephones to either

receive orders from large clients, or

provide a commentary back to their offices in London & overseas offices.

Let’s try the hand signal!

the physical and paper market
The Physical and Paper market



Physical Transaction


“Paper” Transaction

“Paper” Transaction







Ring Trading

LME Select








Clearing House

the role of an lme broker dealer
The role of an LME broker/dealer

The broker/dealer

  • Provides its clients with access to the market
    • acts as broker i.e. intermediary
  • Trades
    • for its own account (dual capacity) with
      • Clients
      • Other market members
  • Provides liquidity to clients and the market
lme exchange contracts
LME exchange contracts
  • Members initially enter into contracts with one another in their own names
  • Members are responsible for performance of the contract and assume risk against each other until they input the trades into the LCH.Clearnet system
  • Once contracts have been registered and accepted by LCH.Clearnet they are replaced by 2 new separate contracts involving LCH.Clearnet as buyer and seller (legal novation)
  • Members are now responsible for performance and risk of the contract to the LCH.Clearnet
lme client contracts
LME client contracts
  • Clients have contracts with the broker – not the Exchange or LCH.Clearnet or any other member
  • Responsibility of the client to make final decision on how to trade, although broker will advise
  • Broker responsible for contract performance and assumes the risk on the client
  • Client is buying or selling from the broker and not the market or another member firm.
lme client contracts1
LME client contracts
  • It is at the broker’s discretion whether the order is filled:
        • From his proprietary trading book
        • Cross it with opposite order from another client
        • Put it into the market to seek other bids and offers
  • The broker is acting in a ‘dual capacity’
different types of transaction order
Different types of transaction order

Market order

An order to buy or sell immediately without regard to a specific priceLimit orderAn order to buy or sell at a specific priceGTC (Good until cancelled)An open order (which specifies a price) but stands until executed or cancelled

Stop loss order

Order to buy or sell at market once a specific price has traded

Market on open/Market on close

Tends to be used by funds

role of the clearing house
Role of the clearing house

Central counterparty to the market

Manager of counterparty risk to clearing members

Responsible for Settlement and delivery

Responsible for Management of credit risk

Member monitoring

how clearing works
How clearing works

Futures contracts without a clearing house

Futures contracts with a clearing house

Y sells to the Clearing

House 1000 tonnes @ $5000

The Clearing House sells

to Z 1000 tonnes @ $5000

Clearing house



Broker Y sells 1000 tonnes to broker Z @ $5000



benefits of a central counterparty
Benefits of a central counterparty

Counterparty risk guarantee


market efficiency





back-office &



Post trade





Multilateral netting /

eliminate bilateral


Default management

role of risk margin deposits
Role of risk – Margin deposits
  • The Clearing House takes security to protect against a clearing member unable to pay its losses
  • Two elements:
    • Initial margin
    • Variation margin
initial margin purpose
Initial marginPurpose

“For the Clearing House to be holding sufficient funds on behalf of each Clearing Member to offset any losses incurred between the last payment of margin and the close-out of the Clearing Member’s positions should that Clearing Member default”

initial margin
Initial margin
  • Returnable deposit in respect of net open positions
  • Calculated using London SPAN
  • Initial margin payable using cash or acceptable collateral
  • Rates set by the Risk Management department in consultation with the LME
  • Clearing members notified in advance of margin rate changes
setting the scanning range
Setting the scanning range
  • How are the rates set?
  • Forecast of price volatility, based on:
    • Recent price movements
    • Expected change in volatility
    • For example, seasonality, political events, etc
margin requirements initial and variation margins are used between broker and client
Margin RequirementsInitial and variation margins are used between broker and client
  • Client A sells 40 lots (1000 mt) LME Copper prompt 3 months.
  • Initial margin rates for LME Copper are as follows:

Initial margin payment

Initial margin payment for this transaction would be as follows:

$14,500 x 40 lots = $580,000

intra day margins
Intra-day margins
  • Intra-day margin calls may be made when price or position movements are particularly volatile and cover already held has been eroded
  • Payment to be made same day value
  • Confirmed through Protected Payment Systems (PPS) within one hour
variation margin for lme contracts
Variation margin for LME contracts
  • For traditional contracts profit/loss realised only on prompt date
  • System considers not only size, but also timing of cash flow
  • Forward profits reduce, but forward losses increase overall margin
  • LME mini contracts profit/loss realised each day
gross variation margin formula
Gross variation margin formula

Contingent Variation Margin (CVM)


(Today’s closing price – or + trade price)


Tonnes per contract



NOTE: CVM can be covered by cash or collateral

default history
Default history

There have been six defaults in LCH.Clearnet’s history

Drexel Burnham Lambert (1990);

Woodhouse, Drake and Carey (1991);

Barings (1995);

Griffin (1998);

Lehman Brothers (2008)

MF Global (2011)

Some near misses:

Yamaichi International (Europe) (1997);

Enron Metals (2001);

Refco Securities and Refco Overseas (2005)


UK Regulatory Environment

Parliament FSMA 2000


(including banking supervision)


London Metal Exchange

LME Members


Future UK Regulatory Environment

Bank of England

Prudential Regulation Authority


Financial Conduct Authority

(FSA renamed

to FCA)

Clearing Houses


Authorised firms

regulation of the lme1
Regulation of the LME

The LME is regulated under the FSMA 2000 and must

  • Ensure proper and orderly market and give protection to investors
  • Have effective monitoring and enforcing of its rules
  • Have effective investigation and resolution of complaints
  • Maintain high standards of integrity and fair dealing by its members
  • Co-operate with other regulatory authorities
  • Have sufficient financial resources
regulation of lme members
Regulation of LME members
  • LME members providing investment services to customers are regulated under the FSMA 2000 and:
    • Must be authorised by FSA
    • Staff giving investment advice must be registered with FSA
    • Company must comply with regulatory capital rules
    • Company must comply with conduct of business rules
  • LME members are required to comply with all LME rules including market conduct
  • LME members must maintain proper records
lme member default provisions
LME member default provisions
  • Companies Act has unique provisions for Exchange traded contracts
  • LME and LCH.Clearnet act ahead of liquidator
    • LCH.Clearnet manages Exchange Contracts
    • LME manages Client Contracts
      • Client Contracts closed out at market price
      • Profits and losses netted
      • Positions transferred to other brokers
  • These provisions do not apply to OTC contracts
opening an account
Opening an account
  • Members need to establish the client’s:
    • The identity of the company, its owners, its controllers, its key staff
    • Financial resources
    • Business model and requirements
    • Level of experience of senior and key staff
    • Accounting systems for derivatives
  • Client must be approved by member’s risk and credit departments together with any limits / credit terms
opening an account1
Opening an account

Client needs to:

  • Ensure that the member has received relevant documents
  • Understand risk disclosures
  • Sign commercial agreement and account opening forms
cost of trading
Cost of trading

Commission rates

Brokers execution and clearing commissions dependent on:

  • Volume of business agreed over year
  • Credit facility offered to client
  • Level of service client requires
lme data feeds
LME data feeds
  • Two feeds are available:
  • LMEselect feed for CAT 1 and 2 members and their clients.
  • LME MDD (Market Data Dissemination feed) for licensed LME data distributors.
    • The amount of price messages sent out each day is constantly increasing.
    • Today we can expect to see over 1 million price messages published.
lme mdd data via licensed distributors
LME MDD data via licensed distributors



  • Real time data
  • - 24 hours a day
  • - Coverage may vary between distributors
  • Delayed data
  • - 30 minutes delayed data at a reduced fee
  • Next day data
  • - Published after midnight UK time and public display of this data is permitted.
  • Historical data
  • - Some distributors provide access to this.
lme historical data
LME historical data
  • LME Online Store
  • All historical data sets are available to purchase in Excel format from the LME Online Store
  • LME website – Free Data Service
  • A limited selection of data sets from the current calendar year are available to view for free after registering online.
  • - Data includes:
  • - Official Prices
  • - Daily Stocks
  • - Monthly average prices and volumes
  • - A selection of market reports
  • - Graphing tool for chart pricing
key mdd prices
Key MDD prices
  • Official & Settlement Prices:
  • They are discovered from the open-outcry close of the second ring trading session.
  • Indicative Evaluations:
  • Published daily for all metals at the start of kerb trading at 16.15 UK time. (Includes spreads and outright prices)
  • Provisional and Final Evaluation: (Closing Prices)
  • Determined at the close of open out-cry trading (17.00 UK time)
  • Price source for US dollar prices is the LME. For Euro, GBP and Yen; the source is LCH.Clearnet.
report data 30 scheduled reports sent per day by lme mdd
Report data30 scheduled reports sent per day by LME MDD
  • Key Reports:
  • Daily Warehouse Stock Movements
  • 9.00 am daily as of 16.30 previous day
  • Futures Trading Volume Summary
  • Previous days official volume by currency at 10.00 am
  • Intra-day volume snapshot report at 12.20, 15.45, 18.00
  • Futures Trading Reports by Prompt at 10.15 am for previous day
  • Open Interest
  • Exchange Open Interest (open positions of LME clearing members)
  • Market Open Interest (open positions of LME members and clients)
  • Compliance Reports: Futures Banding, Warrant Holdings
vendor and subscriber statistics
Vendor and subscriber statistics
  • Over 140 authorised vendors worldwide
  • Approximately 38,000 users worldwide
  • Over 24,000 ‘real-time’ terminals worldwide
  • Over 13,000 users receiving ‘30 minute delayed’ data
  • Countless users of ‘Next day’ data

Access the LME’s own real-time price data application…

  • Get a complete view of the LME market from your desktop, laptop or mobile device.
  • A choice of real time or 30 minute delayed access to all prices, charts and reports.
  • Monthly or annual subscriptions are available
  • Subscribe for a 4 week free trial at www.lmelive.com
  • The information contained within this presentation is for illustrative and educational purposes only and should not be relied upon in making any investment decision. Whilst every effort has been made to ensure the information is up-to-date and correct, the LME cannot guarantee that it is completely accurate and free from human error.
20 22 20121

مـؤتـمـر الألـومـنيوم العربـي الـدولـــي20 – 22 نوفمبر 2012الدوحة | قطر


20 – 22 November 2012

Doha | Qatar